分析师：张诗瑶 执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | --- | --- | |-------------------------|------------------------| | | | | | | | 当前价格 : | 19.75 元 | | 目标价格 : | 29.60 元 | | 目标期限 : | 6 个月 | | 市场数据 | | | 总股本 (百万股) | 420.96 | | A 股股本(百万股 ) | 420.96 | | B/H 股股本 (百万股) | —— | | A 股流通比例 (%) | 45.88 | | 12 个月最高/最低(元 | ) 46.67/17.68 | | 第一大股东 | 万仁春 | | 第一大股东持股比 例 (%) | 19.23 | | 上证综指 /沪深 300 | 2896.31/3401.53 | | 数据来源：iFind 注： | 2024 年 9 月 25 日数据 | 近十二个月股价表现 | --- | --- | --- | --- | |-----------------|--- ...

证券研究报告·行业点评报告 2024 年 9 月 26 日 江海证券研究发展部 化学制药行业报告 执业证书编号： S1410524050001 相关研究报告 % 1 个月 3 个月 12 个月 相对收益 -2.60 0.52 -4.24 绝对收益 -0.36 -1.11 -12.67 数据来源：同花顺 iFinD，截至 2024 年 9 月 25 日数据 注：相对收益与沪深 300 相比 康诺亚司普奇拜单抗上市，国内自免市 场迎来新变局 分析师：吴春红 事件： 行业评级：增持（首次） 近十二个月行业表现 ◆随着全球生物药市场的不断发展，自身免疫疾病（自免）领域已成为继肿瘤药 物之后的第二大市场，吸引着众多药企的竞相布局。在国内，自免市场也呈现 出快速增长的态势，并迎来了一系列重要变革。近日，国家药品监督管理局 （NMPA）批准了康诺亚研发的司普奇拜单抗（商品名：康悦达）上市，这标 志着国内自免药物市场迎来了一款具有创新意义的生物制剂。 投资要点： ◆司普奇拜单抗上市的意义：（1）填补市场空白：司普奇拜单抗是国内首款获批 的 IL-4R 抗体药物，也是继度普利尤单抗后的全球第二款。其成功上市填补了 国产特应性皮 ...

分析师：张诗瑶 执业证书编号：S1410524040001 联系人：王金帅 执业证书编号：S1410123090009 | --- | --- | --- | --- | |----------|--------------------|--------|---------| | | | | | | | | | | | | 近十二个月股价表现 | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 20.95 | 3.59 | -6.31 | | 绝对收益 | 21.78 | 0.52 | -16.07 | 相关研究报告 1.江海证券-公司点评报告-新泉股份 -603179：规模效应+国内外产能有序释 放，盈利能力稳中有升（更正）-20240515 2.江海证券-公司点评报告-新泉股份 -603179：重点客户高增+产能有序投放， 23 年公司业绩亮眼-20240118 3.江海证券-公司深度报告-首次覆盖-新 泉股份-603179：内饰国产优质供应商， 四大要素铸就核心竞争力-20240108 | --- | --- ...

证券研究报告·行业点评报告 2024 年 9 月 25 日 江海证券研究发展部 机械设备行业 执业证书编号：S1410524050002 近十二个月行业表现 2024 年 9 月 20 日，工业和信息化部办公厅发布《工业重点行业领域设备更新和 技术改造指南》（简称《指南》）。本篇接续 9 月 23 日发布的《钢铁与石化化 工装备更新迎来机遇》点评报告。 投资要点： 有色金属行业。政策要求将节能减排与数智化升级改造作为发展重点，推进高 效、绿色的采、炼、加工等产业链装备，以及磨浮、熔炼等重点工序环节的在 线检测、先进过程控制以及智能化装备的普及应用。目标到 2027 年，电解铝每 吨铝减少 5%的碳排放、节约 200 千瓦时，同时要出清电解铝、铜、锌、铅生产 领域全部能效基准标准以下的产能，并将规模以上有色金属企业的关键性工序 环节的工控化占比达到 75%以上。重点更新改造方向方面，政策重点提及（1） 矿山设备：包括新能源矿用卡车和挖掘机、铲运机械、电机车与通风、余热利 用、固体废料处理以及高效水处理方面的设备在内的高效绿色节能装备，地压、 边坡排土场、尾矿库以及环境等方面的安全监测装备，巡检机器人、大型的破 ...

证券研究报告·行业点评报告 2024 年 9 月 24 日 江海证券研究发展部 分析师：周彪 执业证书编号： S1410523110001 相关研究报告 1. 五部门发布"车路云一体化"应用试点 城 市 名 单 ， 利 好 车 路 云 行 业 发 展 - 2024.07.05 计算机行业事件点评报告 智能驾驶领域消息频出，关注产业进步 发展 事件： 行业评级：增持（维持） 近十二个月行业表现 ◆四维图新将为长城汽车部分车型提供产品。2024 年 9 月 13 日，四维图新发布公 告将为长城汽车 2024 年第四季度起量产上市的部分车型提供基于地平线芯片 的智能前视控制模块产品。 ◆地平线征程家族车载智能计算方案出货量突破 600 万。2024 年 8 月 20 日晚上， 智能驾驶方案提供商地平线宣布，地平线征程家族车载智能计算方案出货量突 破 600 万。 投资要点： ◆四维图新将为长城汽车部分车型提供产品。2024 年 9 月 13 日，四维图新发布公 告将为长城汽车 2024 年第四季度起量产上市的部分车型提供基于地平线芯片 的智能前视控制模块产品。四维图新在此次合作中将成为长城汽车的 Tier 1 定 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on the recovery in the 3C industry and the company's competitive advantages in the electronic device anti-theft display sector [1][41]. Core Insights - The company has maintained rapid growth in its performance, with a revenue increase of 27.98% year-on-year in H1 2024, reaching 0.64 billion yuan, and a net profit growth of 40.26% to 0.25 billion yuan [2][19]. - The company is a leading player in the anti-theft display device sector, establishing partnerships with well-known brands like Huawei, Xiaomi, and OPPO, and expanding its market presence globally [2][15]. - The 3C industry is experiencing a resurgence, with global smartphone shipments expected to grow by 5.8% in 2024, which will positively impact the demand for the company's products [2][30]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of electronic device anti-theft display products, serving a diverse customer base across over 70 countries [9][15]. - It has a production base of over 23,000 square meters and has received multiple quality certifications, including ISO 9001 and ISO 14001 [9][35]. Financial Performance - In H1 2024, the company achieved a revenue of 0.64 billion yuan, with a significant increase in net profit and non-recurring net profit [2][19]. - The company forecasts revenues of 1.55 billion yuan, 2.17 billion yuan, and 2.77 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 0.62 billion yuan, 0.88 billion yuan, and 1.12 billion yuan [41][40]. Market Opportunities - The global economy is recovering, leading to a new growth cycle in the 3C industry, with significant increases in smartphone and tablet shipments expected [2][30]. - The demand for anti-theft display products is anticipated to rise due to the increasing variety of electronic consumer products and the trend towards diversified display formats [27][28]. Competitive Advantages - The company has established stable partnerships with major brands and is recognized for its high-quality products and competitive pricing [2][15]. - Continuous investment in research and development has led to the acquisition of numerous patents, enhancing the company's technological capabilities and market competitiveness [38][35].

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证券研究报告·行业点评报告 2024年9月20日 江海证券研究发展部 医药生物行业报告 聚焦慢性心力衰竭药物临床试验，驱动 分析师：吴春红 医药行业创新与发展 事件： 行业评级：增持（维持） 数据来源：同花顺 iFinD，截至 2024 年 9 月 20 日数据 ◆随着全球人口老龄化趋势的加剧，慢性心力衰竭（CHF）的患病率逐年上升， 成为影响公共健康的重大问题。9 月 18 日，国家药监局药审中心关于发布《治 疗慢性心力衰竭药物临床试验技术指导原则》，该文件为治疗慢性心力衰竭药 物的临床试验提供了详细的技术指导，对医药行业的相关企业具有重要的指导 意义。 ◆市场概况：慢性心力衰竭是一种复杂的临床综合征，其治疗药物市场规模庞大 且持续增长。根据文件内容，我国 35 岁及以上人群心力衰竭的患病率已达到 1.38%，且随着年龄增长，患病率显著上升。这表明，针对慢性心力衰竭的药物 研发具有广阔的市场前景。 ◆研发动态：文件中提及的多种治疗慢性心力衰竭的药物，如血管紧张素转化酶 抑制剂、β受体阻滞剂等，已在临床中广泛应用。然而，随着科学研究的深入， 新型药物和治疗方法不断涌现，如钠-葡萄糖协同转运蛋白 2 抑制剂、可 ...

分析师：张诗瑶 执业证书编号：S1410524040001 分析师：王金帅 执业证书编号：S1410123090009 | --- | --- | |-------------------------|------------------------| | 投资评级 : | 买入（维持） | | 当前价格 : | 36.19 元 | | 目标价格： | 42.80 元 | | 目标期限： | 6 个月 | | 市场数据 | | | 总股本 (百万股) | 220.73 | | A 股股本(百万股 ) | 220.73 | | B/H 股股本 (百万股) | —— | | A 股流通比例 (%) | 49.89 | | 12 个月最高/最低(元 ) | 65.06/30.26 | | 第一大股东 | 王军 | | 第一大股东持股比 例 (%) | 33.58 | | 上证综指/沪深 300 | 2736.02/3196.04 | | 数据来源：iFind 注： | 2024 年 9 月 19 日数据 | | 近十二个月股价表现 | | | --- | --- | --- | --- | |----------- ...

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [2] Core Insights - The photovoltaic power generation system is a core area of the renewable energy sector, consisting mainly of photovoltaic modules, inverters, and distribution equipment. Inverters are crucial for converting direct current generated by solar panels into alternating current for grid and user consumption [1][6] - The global energy transition is accelerating, with photovoltaic power generation continuing to grow as a key driver of renewable energy development. In 2023, global photovoltaic installations reached a record high of 390 GW, and it is expected to reach a cumulative installed capacity of 1,721 GW by 2030 [1][14] - The demand for energy storage technology is increasing due to the intermittent nature of photovoltaic power generation, making storage inverters essential for optimizing energy management [1][17] - China dominates the global photovoltaic market, accounting for 40% of the global market share, with a significant increase in solar photovoltaic capacity in 2023, reaching 253 GW, a year-on-year growth of 167% [1][15] - The report recommends focusing on leading domestic companies in the photovoltaic inverter sector, such as Sungrow Power Supply, GoodWe, and DEYE [1][2] Summary by Sections Inverter Overview - Photovoltaic inverters are the core components driving renewable energy systems, responsible for converting direct current to alternating current [6] - Inverters are categorized into centralized, string, and micro inverters, each suited for different applications [7][10] From Photovoltaics to Energy Storage - The photovoltaic industry has a broad outlook, with significant growth expected in energy storage demand, which will drive inverter demand [14][17] - The new energy storage market saw substantial growth in 2023, with an expected increase in global and Chinese installations by 2025 [1][17] Global Photovoltaic Market Expansion - The European market is recovering from high inventory levels, while India is experiencing explosive growth in solar installations [19][20] - Pakistan's photovoltaic market is expanding due to rising electricity prices and significant solar potential [22][23] - Brazil's photovoltaic demand is driven by rising electricity prices and favorable economic conditions [26] - South Africa's photovoltaic market is being propelled by power shortages and regulatory reforms [27] Domestic Inverter Companies' Competitive Edge - China leads the global photovoltaic market with rapid capacity growth, particularly in centralized and string inverters [1][15] - Leading domestic companies hold significant market shares and competitive advantages in cost and supply chain [1][2]